Integrated trading information processing and transmission system for exempt securities

ABSTRACT

The present invention provides a system for processing and transmitting trading information incorporating (a) a risk analytic module using the latest market prices and data provided by the other two modules, (b) an auction module comprising a private asset auction functionality and a two way trader workstation capability, with bid-offer and unique asset price sourcing capabilities, (c) an asset or portfolio tracking module to provide browser based, real-time consolidated reporting of multi-firm asset positions (public or private), and (d) an out-of-band communications module which alerts users/subscribers who may or may not be logged on the system via fax, e-mail, or text messages of a pending transaction being consummated or achieved.

This application claims the benefit of the priority under 35 USC §§119and 120 of U.S. Provisional Application No. 60/576,428 filed Jun. 3,2004, the entire disclosure of which is hereby incorporated byreference.

BACKGROUND OF THE INVENTION

1. Field of the Invention

The present invention relates to a risk/valuation analytics systemcombined with a financial asset trading information processing andtransmission system for conducting electronic transactions, andoptionally tracking asset portfolios, executable on a global informationnetwork. More particularly, this invention is directed to a financialtrading information processing and transmission system comprising amultilateral counterparty trade module, an auction module, andoptionally an asset tracking module, and a risk metric and analyticaltool module, said auction module and multilateral counterparty trademodule are particularly designed for conducting interactive onlinetrading in unregistered and exempt securities that allows participants(i.e., bidders) to modify or withdraw their bids up to a certain pointprior to acceptance by the seller, and sellers to withdraw their offersprior to a certain point.

2. Discussion of the Related Art

Currently, discovery and sourcing of alternative asset, private equityfund and global money market or fixed income instrument prices on aperiodic basis lacks standardization and automation worldwide. Largepension systems or insurance company holdings of these assets totalingbillions have almost no reliable method of achieving efficient pricediscovery and/or risk metrics both being correctly valued let via anautomated solution. There is currently no solution set representing amove towards standardization, automation, and true bid/offer markettesting of specific asset values and/or secondary market prices combinedwith risk analysis in these enormous and sometimes less liquid markets.

Further, there is a need to eliminate manual price data entry or ‘flatdigital file’ price data transfer to the digital record bookperiodically—affecting an over $3.0 trillion dollar asset market andsaving thousands of man-hours annually spent sourcing and enteringilliquid asset price data by institutional investors, or theircustodians and representatives.

In particular, the top 1000 institutional investors worldwide and top200 global private equity money market and fixed income investors, ortheir fiduciaries, as well as Sarbanes-Oxley and LAB Rule 39 sensitiveissuers and fund syndicators could benefit from a thorough and rigorousapproach to pricing and accounting issues for all privately placed andexempt assets. The inventor is not aware of any single or integratedfinancial analysis and transaction support technology that addresses allof these needs.

Presently it is not possible to operate a twenty-four hour per day,seven day per week exempt securities trading system involving aplurality of financial packages and diverse asset groups directed at aplurality of remotely disposed bidders and sellers. Further, theinventor is not aware of an interactive electronic environmentcomprising a risk analysis module, an auction module, a multilateralparty module and associated transaction support technologies such as anasset tracking module, and optionally a proprietary analytical toolmodule directed at the global exempt securities market.

SUMMARY OF THE INVENTION

To address the shortcomings of the current methods of trading in exemptsecurities and unlisted assets, and to provide full digital sourcing,delivery, reporting and settlement for all alternative and exemptassets, the present invention provides, in a computer network enablingcommunication between a host computer and a plurality of remote biddersand sellers, a system for processing and transmitting tradinginformation incorporating (a) a risk analytic module using the latestmarket prices and data provided by the other two modules, (b) an auctionmodule comprising a private asset auction functionality and a two waytrader workstation capability, with bid-offer and unique asset pricesourcing capabilities, (c) an asset or portfolio tracking module toprovide browser based, real-time consolidated reporting of multi-firmasset positions (public or private), and (d) an out-of-bandcommunications module which alerts users/subscribers who may or may notbe logged on the system via fax, e-mail, or text messages of a pendingtransaction being consummated or achieved.

Both the auction module and the multilateral trade module comprise abrowser based trading system including an offering display means (i.e.,a computer monitor or other display) for summarizing an inventory ofavailable securities, bidding means on a bid workstation available tothe bidders for submitting a plurality of bids across the network, andan accepting display means on a bid workstation available to the sellersfor reviewing and accepting a plurality of bids sent across the networkby the plurality of bidders.

The present invention further provides, in a computer network enablingcommunication between a host computer and a plurality of remote biddersand sellers, a transaction information processing and transmissionsystem implemented as a computer program within the host and network,comprising, a financial inventory database connected in communicationwith the host for storing financial information, the financialinformation being descriptive of the nature and type of securitiesavailable for purchase by a customer, a bid database in communicationwith the host for storing bid information, the bid information beingdescriptive of bid received from one of the remote customers, a tradingmanager implemented in a server and in communication with the databases,a personal account manager in communication with the trading manager andthe bid database, a bid modifier means allowing for the modification orwithdrawal of bids or offers up to a certain point, incorporated in thetrading manager and in communication with the bid database, wherein thetrading manager allows a bidder to modify or withdraw their bids up to acertain point prior to acceptance, and a seller to modify their offersup to a certain point prior to bidding or following a no-bidder.

In a preferred embodiment, the bidder views an inventory screencomprising an inventory of exempt or unlisted assets available acrossthe network for sale and sends a bid across the network, wherein a bidmodifier allows modification or withdrawal of the bid up to a certainpoint. The bid database which is in constant communication with the bidmodifier stores the bid, the trading manager determines whether the bidhas been accepted by the seller, and updates the asset offeringinventory accordingly, the personal account manager notifies the bidderwhether the bid was accepted by the seller, and the out-of-bandcommunications module does the same via a different a differentcommunications device or medium chosen by the user.

One object of the present invention is to provide an interactive mediumthat gives remotely disposed sellers and bidders more flexibility andcontrol during an online transaction. Another object of the presentinvention is to provide a bidding environment unrestricted by localbusiness hours or physical proximity.

Another object of the present invention is to provide proprietary riskmetrics and analytical tools that would allow buyers and sellers toquickly and efficiently evaluate, analyze and price all offerings on thesystem and which uses actual market price data being created by thesystem.

Yet another object of the present invention is to provide the seller theability to consider a plurality of bids submitted by remotely disposedbidders and to concurrently participate in a bidding activity of theirown with other remotely disposed sellers. In another embodiment of thepresent invention, a buyer or seller would log on in a computer enablingnetwork environment, be presented with a inventory screen listingproduct information and pricing parameters. A customer who desires tobid or offer would then be taken electronically to a bid workstationmenu to participate in the online trading process. This bid workstationwould list all products available in the specified class of securitiesfor which trading is desired.

It is a further object of the present invention to provide aninteractive electronic financial trading system over a globalinformation network involving both the bid modifier means aforesaid, andan offering modifier means allowing a prospective seller to modify theirasking price in the event of non-acceptance of the plurality of bids.

It is yet another aspect of the invention, to provide a user/subscriberto the trading information processing and transmission system with anintegrated financial transaction support technology optionallyincorporating a browser-based portfolio accounting, performance, andmeasurement system enabling real time portfolio valuation, measurement,and reporting.

One of the most unique functionalities afforded by the system of thepresent invention is that the actual assessment analysis of riskfactors, pricing and valuation are influenced by the changing incominglive market data and workstation of the transaction module.

It is to be understood that both the foregoing general description andthe following detailed description as well as the appended drawings areexemplary and explanatory and are intended to provide furtherexplanation of the invention as claimed. Additional features andadvantages of the invention will be apparent from the description, ormay be learned by practice of the invention.

BRIEF DESCRIPTION OF THE DRAWINGS

The appended drawings set forth some exemplary features whichcharacterize the invention. However, the invention itself, as well asfurther objects and advantages thereof, will best be understood byreference to the following detailed description of a preferredembodiment taken in conjunction with the accompanying drawings, wherelike reference characters identify like elements throughout the variousfigures, in which:

FIG. 1 shows a system block diagram or flow chart illustrating thefunctional operation of the home page in a global information networkimplementation of the present invention;

FIG. 2 shows a hardware/software system schematic that illustrates anexample implementation of the present invention on a global informationnetwork;

FIG. 3 shows a system block diagram or flow chart illustrating thefunctional operation of the home page of the asset analytic module in aglobal information network implementation of the present invention;

FIG. 3A shows a system block diagram or flow chart illustrating thefunctional operation of the select model and weight model factorsprocedure in a global information network implementation of the presentinvention;

FIG. 3B shows a system block diagram or flow chart illustrating thefunctional operation of the select asset procedure in a globalinformation network implementation of the present invention;

FIG. 3C shows a system block diagram or flow chart illustrating thefunctional operation of the select and weight valuation variablesprocedure in a global information network implementation of the presentinvention;

FIG. 3D shows a system block diagram or flow chart illustrating thefunctional operation of the select and weight financial variablesprocedure in a global information network implementation of the presentinvention;

FIG. 3E shows a system block diagram or flow chart illustrating thefunctional operation of the select and weight precept variablesprocedure in a global information network implementation of the presentinvention;

FIG. 3F shows a system block diagram or flow chart illustrating thefunctional operation of the select ±VAR risk evaluations procedure in aglobal information network implementation of the present invention;

FIG. 3G shows a system block diagram or flow chart illustrating thefunctional operation of the input Q-factors procedure in a globalinformation network implementation of the present invention;

FIG. 3H shows a system block diagram or flow chart illustrating thefunctional operation of the valuation ranking result procedure in aglobal information network implementation of the present invention;

FIG. 3J shows a system block diagram or flow chart illustrating thefunctional operation of the model summary procedure in a globalinformation network implementation of the present invention;

FIG. 4 shows a system block diagram or flow chart illustrating thefunctional operation of the home page of the asset access or trademodule in a global information network implementation of the presentinvention;

FIG. 4A shows a system block diagram or flow chart illustrating thefunctional operation of the bid/offer discovery procedure in a globalinformation network implementation of the present invention;

FIG. 4B shows a system block diagram or flow chart illustrating thefunctional operation of the user's bids/offers procedure in a globalinformation network implementation of the present invention;

FIG. 4C shows a system block diagram or flow chart illustrating thefunctional operation of the market bids/offers procedure in a globalinformation network implementation of the present invention;

FIG. 4D shows a system block diagram or flow chart illustrating thefunctional operation of the deal directory procedure in a globalinformation network implementation of the present invention;

FIG. 4E shows a system block diagram or flow chart illustrating thefunctional operation of the search procedure in a global informationnetwork implementation of the present invention;

FIG. 4F shows a system block diagram or flow chart illustrating thefunctional operation of the administration procedure in a globalinformation network implementation of the present invention;

FIG. 4F 1 shows a system block diagram or flow chart illustrating thefunctional operation of the user administration sub-procedure in aglobal information network implementation of the present invention;

FIG. 4F 2 shows a system block diagram or flow chart illustrating thefunctional operation of the entity subscriber preferences sub-procedurein a global information network implementation of the present invention;

FIG. 4F 3 shows a system block diagram or flow chart illustrating thefunctional operation of the entity subscriber authorizationsub-procedure in a global information network implementation of thepresent invention;

FIG. 4F 4 shows a system block diagram or flow chart illustrating thefunctional operation of the user buy/sell preferences sub-procedure in aglobal information network implementation of the present invention;

FIG. 4F 5 shows a system block diagram or flow chart illustrating thefunctional operation of the user notification sub-procedure in a globalinformation network implementation of the present invention;

FIG. 5 shows a system block diagram or flow chart illustrating thefunctional operation of the notification function in a globalinformation network implementation of the present invention;

FIG. 6 shows a system block diagram or flow chart illustrating thefunctional operation of the acceptance function in a global informationnetwork implementation of the present invention;

FIG. 7 shows a system block diagram or flow chart illustrating thefunctional operation of the end-of-day function in a global informationnetwork implementation of the present invention;

FIG. 8 shows a system block diagram or flow chart illustrating thefunctional operation of the login function in a global informationnetwork implementation of the present invention;

FIG. 9 shows a system block diagram or flow chart illustrating thefunctional operation of the logoff function in a global informationnetwork implementation of the present invention;

FIG. 10 shows a system block diagram or flow chart illustrating thefunctional operation of the auction module in a global informationnetwork implementation of the present invention;

FIG. 10A shows a system block diagram or flow chart illustrating thefunctional operation of the auction price function or procedure in aglobal information network implementation of the present invention;

FIG. 11 shows a system block diagram or flow chart illustrating thefunctional operation of the asset trak module in a global informationnetwork implementation of the present invention;

FIG. 11A shows a system block diagram or flow chart illustrating thefunctional operation of the data reporting and updating functions orprocedures in the asset trak module in a global information networkimplementation of the present invention;

FIG. 12 shows a system block diagram or flow chart illustrating thefunctional operation of the home page of the portfolio management engine(PME) module in a global information network implementation of thepresent invention;

FIG. 12A shows a system block diagram or flow chart illustrating thefunctional operation of the PME report functions procedure in a globalinformation network implementation of the present invention;

FIG. 12B shows a system block diagram or flow chart illustrating thefunctional operation of the PME activity functions procedure in a globalinformation network implementation of the present invention;

FIG. 12C shows a system block diagram or flow chart illustrating thefunctional operation of the PME account functions procedure in a globalinformation network implementation of the present invention;

FIG. 12D shows a system block diagram or flow chart illustrating thefunctional operation of the PME maintenance functions procedure in aglobal information network implementation of the present invention;

FIG. 12E shows a system block diagram or flow chart illustrating thefunctional operation of the PME help functions procedure in a globalinformation network implementation of the present invention; and

FIG. 12F shows a system block diagram or flow chart illustrating thefunctional operation of the PME logoff functions procedure in a globalinformation network implementation of the present invention.

DETAILED DESCRIPTION OF THE PREFERRED EMBODIMENTS

Reference will now be made in detail to the preferred embodiments of theinvention. This invention may, however, be embodied in many differentforms and should not be construed as limited to the embodiments setforth herein.

The interactive electronic trading information processing andtransmission system of the present invention may be used for tradingexempt securities comprising whole loan pools on both a bulk and a flowbasis. The whole loan market includes aggregated mortgage loan poolscomprising sub-prime and high loan-to-value ratio loans; loans withconforming and non-conforming principal balances; home equity loans; andmortgage servicing rights. These products can be bought and sold througheither a bid/ask process or a standing buy order. Coupled withproprietary financial analytical tools, buyers and sellers can quicklyand efficiently evaluate, analyze and price all offerings.

The interactive electronic trading information processing andtransmission system of the present invention may also be used fortrading exempt securities directed at large unlisted asset secondarymarkets having no active price discovery mechanisms such as leveragedbuyout finds or LPs both fixed income and private equity linked,comprising whole loan pools on both a bulk and a flow basis. Theinteractive electronic trading information processing and transmissionsystem of the present invention may also be used for trading exemptsecurities directed at large unlisted asset secondary markets needingperiodic, planned and staged liquidity or repricing events for majorsell-side owners of unlisted asset groups.

The interactive electronic trading information processing andtransmission system of the present invention may also be used fortrading any exempt or unlisted assets that are not otherwise listed,traded, valuated or bought/sold in any conventional exchange or systemfor the regulation of securities or commodities. Such assets may includebut are not limited to the above example assets, along with artwork,one-of-a-kind collectables, antiques, and securities being traded inlike-kind exchanges (no cash transfer).

FIG. 1 shows one embodiment of a home page for the implementation of theinvention in a global information network that is representative of thesystems schematic of the integrated interactive electronic tradinginformation processing and transmission system of the present inventionthat comprises, among other elements, an asset analytic module 1A, anasset trak module 1B, and an asset access module 1C.

FIG. 2 shows the systems schematic of the integrated interactiveelectronic trading information processing and transmission system of thepresent invention implemented in browser-based subscriber services,preferably on desktops, for trades or bids/offers, providing servicescomprising the price discovery mechanisms of the asset auction module ofthe present invention, integrally linked with asset pricing datatracking and entry, which further provide information comprising pricingupdates, position reports, portfolio evaluation, capital utilization andreserve requirements that preferably go directly to institution's orsubscriber's record book via common browser databases. The price actionand reporting capabilities of the electronic trading informationprocessing and transmission system of the present invention expands theprice transparency, entries, and accuracy of the reporting and servicefunctionalities of the integrated financial transaction support system.

In particular, a central server 1600 implements the asset trak module1B, the asset access module 1C and a data archive 2B which stores thedata in a secure environment 2A. Data is inputted into outputted fromthe secure environment 2A via secure system, such as a private secureextranet 2C in order to insure the integrity of the data into/out of thedata archive 2B. Data may originate from or be exchanged with manysources, including but not limited to an asset trak server 2E, aprice/data feed server 2I internal to the server 1600, a price/data feedserver 2-12 that is external to the server 1600, a global cash futuressubscriber 2J, a global pension subscriber 2H, a global money marketsubscriber 2G. In addition, data may be exchanged with the secureenvironment 2A through the Internet or World Wide Web by communicatingwith a WWW server 2F that connects to the asset trak server 2E, whichthen connects to the secure extranet 2C. The data from the data archive2B is physically stored in a data center 2D that connects to the assettrak server 2E.

As illustrated by FIG. 3, the function of the asset analytic module 1Ais to provide a user a system by which he/she can track, compare andanalyze his/her investment assets or third party investment assets usingboth quantitative and qualitative measures that she/she as the user canselect, define and weight according to his/her investment strategies orother requirements. The quantitative measures includes publiclyavailable financial data, such as through the Internet or World WideWeb, private financial data such as from secure, privately-helddatabases, or even data manually inputted by the user or by the ownersof the server that maintain the data center 2D.

Using the software implementation of the asset analytic module 1A as anexample, in the asset analytic operation, the user selects a model of anasset that he/she wishes to analyze and analyze the factor weightsassociated with that model, as shown in operation 305. A model is anestablished set of numerical parameters that represent various factorsbelieved to be representative or indicative of how a particular type ofasset is valuated or measured. Each numerical parameter is weighteddepending on the degree to which the factor that the parameterrepresents affects the type of asset it defines. The numericalparameters are then added together to form a weighted sum average. Tothe user, that weighted sum average thus becomes in effect a statisticalor quantitative measure that the user can then compare with othersimilar assets, or monitor in order to observer any change in thevaluation or measure of the asset or type of asset over time.

A model may be predefined for different types of assets, such as privateequity funds as used in the drawings as an example, or a user may createa model based on his/her definition or understanding of the factorsapplicable to a particular asset or type of asset. The weighted sumaverage applicable to a particular model is first divided up between ameasure of quantitative factors and a measure of qualitative factors,both expressed are percentages, that then when added together the resultis a number that should not exceed 100%. Using the example of a privateequity fund model, the qualitative factors will form 50% of the weightedsum average, while the qualitative factors will form the other 50% ofthe weighted sum average. Examples of quantitative factors includevaluation variables and financial variables that together add up to the50% attributable to quantitative factors. Examples of qualitativefactors include precepts known about the asset or type of asset, ±VARrisk evaluations, and Q-factors (i.e., “wildcard” or othernon-quantified characteristics or information) expressed in numericalvalues that when added to together add up into the other 50% of theweighted sum average attributable to qualitative factors. Models forother assets may be defined with different weights on the aggregatequantitative and qualitative factors, or with different weights on theindividual factors that make up the aggregate quantitative andqualitative factors.

As shown in FIG. 3A, in a software implementation, a user would first beallowed to view a list of default or previously saved models, and thento select or create a model (see operation 125). The user then is givenan opportunity to input or modify any of the weightings attributable tothe quantitative and qualitative factors of the selected or newlycreated model (see operation 127).

After a model is selected, as shown in FIGS. 3 and 3B, the user thenselects the assets to apply to the selected model. In selecting theasset(s) to apply, the user is allowed to view a list of the assets thatare available in the data center 2D (see operation 129), as well as anyasset description data available from the data center 2D (see operation131). Based on the available information from the data center the userthen selects the asset(s) to apply into the model (see operation 133).

Referring to FIGS. 3 and 3C, the user then selects one or more valuationvariables that together will form the numerical value of the valuationvariable portion of the quantitative factor value (see operation 135).Using the private equity fund example, known valuation variables in theindustry include distributions/NAV for a given year, fund IRR growthrate for a given year, fund distribution yield (LTM-Actual), fund %prem/discount to sector mean yield, latest period IRR, and premium tofund DCF value. Each of the selected valuation variables are weighted inaccordance with any established definitions, such as for previouslydesigned models, or modified as desired by the user (see operation 137).

According to FIGS. 3 and 3D, the user then selects one or more financialvariables that together will form the numerical value of the financialvariable portion of the quantitative factor value (see operation 139).Based on the private equity fund example, known financial variables inthe industry include the distribution margin for a given year, the IIRChange vs. YAG for a given year, the funds organic IIR growth rate, andthe IIR CAGR vintage year to a given year. Again, each of the selectedfinancial variables are weighted in accordance with any establisheddefinitions, such as for previously designed models, or modified asdesired by the user (see operation 141).

Referring to FIGS. 3 and 3E, the user selects and weights preceptsapplicable to the selected asset, or the user can create other preceptsapplicable to the selected asset (see operation 143). Precepts arevarious intangible factors that are generally applicable to a particulartype of asset. Such factors include, such as for private equity funds,an accretive GP investor, consistent strategy, cycle timing skill,founder leadership/legacy, geographic diversity, industry diversity,long term focus, opportunistic GP, talent development culture, tiffanysector leadership, and vertical sector leadership. The user weights andranks each of the selected precepts that will be applied to the selectedor to all selected assets (if more than one), based on knowledge orinformation on the specific asset, to determine whether the selectedprecept will have a positive, negative or neutral impact on theaggregate precept variable value (see operation 145). In other words,for each asset, the weighting/ranking of a given precept may bedifferent depending on how that particular precept applies to eachasset. For example, based on industry information, private equity fund Xmay have a history of strong founder leadership and an establishedlegacy or succession line, while private equity fund Y may have ahistory of mediocre leadership with no known line of succession. Forfund X, the precept of founder leadership/legacy would have a positivecontribution to the aggregate precept variable, while for fund Y, thatprecept may have a negative or at best a neutral contribution to theaggregate precept value for fund Y.

With respect to FIGS. 3 and 3F, the user will first select the asset towhich a VAR risk factor will be applied (see operation 147). Then, theuser selects and weights the VAR risk factors applicable to the selectedasset (see operation 149). VAR risk factors are a predefined set ofdescriptions that characterize the risk level evaluation applicable tothe selected asset. From best to worst, the different risk levels are norisk (None), funding (F), category sentiment (S), operating (O), fundingand category sentiment (FS), operating and funding (OF), operating andcategory sentiment (OS), and all (FSO). Each of these risk levels isassigned a different scoring equivalent, either predefined or determinedby the user that is then added to the aggregate qualitative factors. Theweighting of each risk level that will be applied to the selected or toall selected assets (if more than one), based on knowledge orinformation on the specific asset, determines the degree to which theapplicable risk level will impact the aggregate qualitative factors (seeoperation 145). In other words, for each asset, the weighting/ranking ofthe applied risk level is designed such that the lower the risk level,the higher the number or value that would be added to the aggregatequalitative factors; the higher the applied risk level, the lower thenumber of value that would be added.

Regarding FIGS. 3 and 3G, the user selects the asset to which theQ-factors will be applied, and then selects the Q-factors that areapplicable to that asset (see operation 151). The user weights eachQ-factor applicable to the selected asset, or the user can create otherQ-factors applicable to the selected asset (see operation 153).Q-factors are various intangible factors that are applicable only to aparticular type of asset based on industry or other knowledge about thespecific asset. Such factors include, such as for private equity funds,asset cost basis, deal backing, public market P/Es, global terror, fundvertical focus, top quintile GP, bottom quintile GP, news/media focus,staff turnover, founder sale or resignation and interest rates or USdollars. The user weights and ranks each of the selected precepts thatwill be applied to the selected or to all selected assets (if more thanone), based on knowledge or information on the specific asset, todetermine whether the selected Q-factor will have a positive, negativeor neutral impact on the aggregate Q-factor value (see operation 153).In other words, for each asset, the weighting/ranking of a givenQ-factor may be different depending on how that particular Q-factorapplies to each asset. For example, based on industry information,private equity fund X may have a history of investments in foreigncountries that have recently suffered from terrorist incidents, whileprivate equity fund Y invests only in industrialized countries that haveno terrorist issues. For fund X, the Q-factor of global terror wouldhave a negative contribution to the aggregate Q-factor variable, whilefor fund Y, that Q-factor may have a positive or at best a neutralcontribution to the aggregate Q-factor value for fund Y.

As shown in FIGS. 3 and 3H, after all the quantitative and qualitativefactors are for each asset are defined and inputted, the user may thengenerate a report or display of the valuation ranking result (seeoperation 155). This valuation ranking result represents a model of theperformance and/or comparative status of the selected asset(s). In thesoftware implementation of the present invention, the user may save themodel (see operations 123,157,161) in order to apply the model to otherrelevant assets, or to update the model as conditions or informationchange relating to the selected asset(s).

In addition to the main features of the present invention, the savingoperations for the models that are created (see operations 123,157,161)may be used as a safeguard mechanism to prevent users from fraudulentlymanipulating data on assets being monitored and destroying any trail ofthe models they used to produce the fraudulent data. The savingoperation of the software implementation may be designed toautomatically save all models that are created independent of the user'sdesire or intent, and prevent any deletion of any models.

According to FIGS. 3 and 3J, the user may also generate a report ordisplay of a summary of the model. The user may also modify any of thefactors, variables and values currently in the model. However, thesoftware implementation, any change would require other factors,variables and values that are related to those that are modified to bechanged as well, either automatically or through user input (seeoperation 159).

FIG. 4 illustrates a software implementation of the asset access ortrade module 1C of the present invention. This module allows the user toconduct transactions relating to a selected asset or assets. Suchtransactions include bids to buy, offers to sell, auctioning, like-kindexchanges, and any other transfers of assets.

In the software implementation as illustrated in FIG. 4, the operationof the asset access or trade module incorporates a series ofsub-modules/operations or tools to accomplish the various types oftransactions desired. Those tools include Bid/Offer Discovery, MyBids/Offerings, Market Bids/Offerings, Deal Directory, Search,Administration, and Auction. As shown in FIG. 4A, the Bid/OfferDiscovery tool allows the user to maintain a watch list of assets inwhich the user is interested (see steps 4A-2, 4A-4, 4A-5), as well as alist of all deals currently listed in the data center 2D (see step4A-3). Such deals include any and all assets that have outstandingoffers for sale, bids for buying or other proposed transaction/transferassociated with them. Listings for such deals will include market depthinformation derived from financial or other institutional informationsources available, such as through the Internet or World Wide Web thatis stored in the Data Center 2D. The user may use the watch list tomonitor any deals for which he/she has an outstanding bid/offer or anydeals that the user just wishes to monitor. As such, the user maypopulate the watch list as he/she posts bids and/or offers (see step4A-7).

In addition to viewing various deals, as noted above, the user may alsoconduct transactions including the posting of new bids and/or offers(see steps 4A-7, 4A-10), or modify any of his/her own outstandingbids/offers already posted (se step 4A-11).

With users that work for financial institutions, such users aretypically bound by company or even regulatory limits as to how muchmoney an individual can transact on a daily basis or on a per tradebasis. The software implementation of the present invention includes anoperation by which the posting of a bid or offer includes checkingwhether the user has exceeded a daily transactional limit or a per tradetransactional limit (see step 4A-12). In this implementation, if theuser does not exceed the daily limit but does exceed the per tradelimit, authorization or validation may be obtained from a supervisor orupper management to complete the offer or bid (see step 4A-13). Ifneither limit is exceeded or if authorization is obtained, the bid oroffer is posted (see step 4A-14), and notification is made, as will beexplained further hereinbelow.

As shown in FIG. 4B, the My Bids/Offers tool allows the user to maintainthe watch list of assets in which the user is interested (see steps4A-2, 4A-4), as well as a list of all of the user's currently postedbids and offers (see step 4B-1) currently listed in the data center 2D.Listings for the user's outstanding bids and offers will also includemarket depth information derived from financial or other institutionalinformation sources available, such as through the Internet or WorldWide Web that is stored in the Data Center 2D. The user may conducttransactions with this tool relating specifically to modifying any ofhis/her own outstanding bids/offers already posted (see step 4A-11) orto withdrawing any of his/her own outstanding bids/offers (see step4B-2). As with the Bids/Offers Discovery tool, the posting of anymodification or withdrawal initiates the checking for whether the userhas exceeded a daily transactional limit or a per trade transactionallimit (see step 4A-12). In this implementation, if the user does notexceed the daily limit but does exceed the per trade limit,authorization or validation may be obtained from a supervisor or uppermanagement to complete the offer or bid (see step 4A-13). If neitherlimit is exceeded or if authorization is obtained, the bid or offer isposted (see step 4A-14), and again notification is made, as will beexplained further hereinbelow.

With the Market Bids/Offers tool as shown in FIG. 4C, this tool allowsthe user to again maintain a watch list of assets in which the user isinterested (see steps 2A-2, 2A-4), as well as a list of all deals fromthird parties currently listed in the data center 2D (see step 4C-1).Again, such deals include any and all assets that have outstandingoffers for sale, bids for buying or other proposed transaction/transferassociated with them, and listings for such deals will include marketdepth information derived from financial or other institutionalinformation sources available, such as through the Internet or WorldWide Web that is stored in the Data Center 2D.

In addition to viewing various third party deals, the user may alsoconduct transactions but limited to the posting of new bids and/oroffers (see steps 4A-7, 4A-10) in response to outstanding third partyoffers or bids, respectively, and to modifying or withdrawing any ofhis/her own outstanding bids/offers already posted (see steps 4A-10,4A-11). Here also, the software implementation of the present inventionincludes an operation by which the posting of a bid or offer includeschecking whether the user has exceeded a daily transactional limit or aper trade transactional limit (see step 4A-12). Again, if the user doesnot exceed the daily limit but does exceed the per trade limit,authorization or validation may be obtained from a supervisor or uppermanagement to complete the offer or bid (see step 4A-13). If neitherlimit is exceeded or if authorization is obtained, the bid or offer isposted (see step 4A-14), and notification is made.

The software implementation of the present invention may further includenumerous other tools or functions that may be useful to a user. Suchtools include a Deal Directory as shown in FIG. 4D, Search as in FIG.4E, and Administration as shown in FIGS. 4F and 4F1-4F5. Within theAdministration tools, the functionalities that may be available to auser include User Administration as shown in FIG. 4F 1, EntitySubscriber Preferences in FIG. 4F 2, Entity Subscriber Authorization inFIG. 4F 3, User Buy/Sell Preferences in FIG. 4F 4 and User NotificationPreferences in FIG. 4F 5. As is apparent from each of the above-noteddrawings, the functionalities represented by each of those tools areconventional and would be known and/or implementable by one of skill inthe art. Such functionalities as well as any others illustrated in thisapplication but which have not been specifically described are assumedto be implemented using conventionally known software techniques knownin the art.

With respect to the User Notification Preferences as shown in FIG. 4F 5,the system may be programmed to notify the user depending on the type ofoccurrence and/or the method of communicating the notification. Forexample, if the user is off-line and not currently logged in to thesystem, the user may have the system programmed to transmit anotification when only certain assets receive a bid or offer, or when areceived bid or offer meets predefined minimum requirements, inaccordance with the Notification Function, which will be discussedfurther hereinbelow. Also, this tool may be used to notify the userthrough an e-mail or text message to his/her cell phone, PDA or otherportable communication device, or to notify the user at one or morepredetermined locations via facsimile. For example, the system may beprogrammed to send a fax to the user's home office, the user's office oreven to a hotel.

As shown in FIG. 5, the Notification Function as used in previouslydiscussed modules or operations involves determining whether anotherposting matches the bid or offer that was just posted (see step 500-1).If yes, a notification is sent to the parties (see step 500-2) inaccordance with their individual preferences as inputted via the UserNotification Preferences tool (see FIG. 4F 5). If no match occurs orafter the notifications are sent, the system proceeds with theposting/withdrawal/modification of the bid or offer at issue (see step500-3), and the bid or offer at issue is then written into the databasein the Data Center 2D (see step 500-4).

According to FIG. 6, the software implementation of the presentinvention includes an Acceptance Function or operation that occurs aftera match in a bid and offer occurs, as explained above, or as a result ofan acceptance of an auction, as will be explained further hereinbelow.In the operation of the Acceptance Function, the system of the presentinvention determines whether an acceptance has been received orcommunicated by both parties by a predetermined time limit, such as theend of the next business day (see step 600-3). If yes, the finalacceptance and deal details are communicated (for example, via e-mail)to both counterparties and the deal details are written to the databasein the Data Center 2D (see step 600-2). Otherwise, a failure to acceptnotification is communicated (for example, via e-mail) to bothcounterparties and deal failure details are written to the database inthe Data Center 1620 (see step 600-1).

FIGS. 7-9 represent conventional functionalities necessary for thesoftware implementation of the present invention, but which would beknow to those of skill in the art for purposes of implementation, andare not being discussed in detail unless otherwise necessary. Thosefunctionalities include an End-of-Day Function (FIG. 7), a LoginFunction (FIG. 8), and a Logoff Function (FIG. 9).

FIG. 10 illustrates an Auction Function that incorporated variousfeatures, among which are Deal Information Submission Form (seeoperation 1000-1), a Bidder's Auction Screen (see operation 1000-3, aSeller's Auction Screen (see operation 1000-4), and an AuctionAcceptance Screen (see operation 1000-5). Within the operation of dealinformation being submitted (see operation 1000-1), an analyst isnotified of the submission who then reviews the submission forcompleteness. If the submission is deficient, the analyst communicateswith the submitter to correct and submit the data. Once the analystdetermines that the deal information is complete, the analyst posts theauction. Via the operation 1000-3, a bidder may post, modify or withdrawa bid, while in operation 1000-4, the seller may post, modify orwithdraw an offer. If an acceptance occurs, the Acceptance Functioncomes into operation in accordance with FIG. 7. Another feature of theAuction Function in accordance with the present invention, as shown inFIG. 10A, the Auction Price function determines whether a bidder justposted, modified or withdrew a bid that results in the bid being thehigh bid in the auction (see step 1000-6). If yes, the system determineswhether the posting was done within a predetermined time period beforethe end of the auction. If yes, the system extends the time of theauction. If no or after extending the time, the system then creates adata entry into a bid table recording that bid (see step 1000-8).Afterwards or if the bid at issue was not the high bid, the bid isposted (see step 1000-9).

FIGS. 11 and 11A illustrate the asset trak module 1B and its generaloperation. As shown, users such as institutional investors, andauthorized price reporting sources or broker dealers, access the systemof the present invention via a global information network, such as theInternet or the World Wide Web, through the server 1600. As part of theprocess of accessing the system of the present invention, the userswould also go through an authentication server, such as those alreadyconventionally known to those of skill in the art.

Once the user passes through the authentication server, users that areinstitutional investors are directed to the Portfolio Management Engine(PME) system 1101 of the present invention, while authorized pricereporting sources or broker dealers are directed to the price dataengine so that they may input price data into the price data database1108, such as at the Data Center 2D.

Within the PME operation of the present invention, users may access thevarious modules 1A-1C, as well as all the other functionalitiesdescribed above in the implementation of the present invention. Datarelating to the PME system operations of the present invention may bestored in the PME database 1109 or at the user's site. This will dependon the user's requirements or on the requirements of the entitycontrolling the server 1600, or even other requirements such as to meetstatutory or regulatory limitations.

In the operation of inputting price data, price reporting sources andbroker dealers will enter price data via the price data engine 1100which will determine whether the price data being entered relates to anew product (see step 1102). If yes, the price data engine 1100 createsa new record on the new product or asset in the database 1108 (see step1110). If the price data is not for a new product, the price data enginewill then determine whether the inputted data is the latest price data(see step 1103). If yes, the price data on the asset to which theinputted data is related is updated in the database 1108 (see step1104). Otherwise, the price data engine ignores the inputted data. Inone embodiment, the updating of the database 1108 is accomplished bycreating a new record on the same asset(s) that is time and/or datestamped in order to create a price history record for the asset (s) inthe database 1108.

Similarly, in the operation of inputting portfolio holdings data, theprice data engine 1100 will determine whether the portfolio holdingsdata being entered relates to a new product (see step 1105). If yes, theprice data engine 1100 creates a new record on the new product or assetin the database 1108 (see step 1111). If the portfolio holdings data isnot for a new product, the price data engine will then determine whetherthe inputted data is the latest price data (see step 1106). If yes, theprice data engine 1100 will request the price data for the new productor asset to which the inputted data is related so that the price datamay be added to the database 1108 (see step 1112). Otherwise, if thedata does not have the latest price data, here also the price dataengine 1100 ignores the inputted data. The updating or recording ofprice data in the database 1108 is accomplished, in one embodiment, alsoby creating a new record on the same asset(s) that is time and/or datestamped in order to create a price history record for the asset(s) inthe database 1108.

FIG. 11A illustrates the processes by which price data and new productdata are entered into the price data database 1108, either manually orautomatically. In the manual process, the institutional investors orusers access the price data engine 1100 via the PME system 1101 andrequest price data for one or more assets, such as those assets orholdings the user owns. First, the user must select the broker dealer orauthorized source to use and identify the asset(s) to be priced via thePME 901 (see step 1113). The price data engine 1100 then distributes therequest(s) with user defined directions to the authorized source orsources, if more than one (see step 1114). The authorized sources willgenerate the requested price data (see step 1115), and the price data isinputted into the system (see step 1116). The price data engine 1100will then receive the price data inputted from the authorized source(s)(see step 1120). Afterwards, the price data is entered into the database1108 (see steps 1104,1110). Consistent with the operations discussedabove, price data on an asset is recorded with time and/or date stampingin order to create a price history record for the asset(s).

In the automated process, institutional investors or users again accessthe price data engine 1100 via the PME system 1101 and request pricedata for one or more assets. The price data engine 1100 then determineswhich authorized source or sources will be used to analyze and generatethe price data. If price data on more than one asset is requested, theprice data engine 1100 randomly shuffles the requests for each asset anddistributes the requests among the authorized sources (see step 1117).This mechanism is used to guard against any one authorized price sourcefrom determining the source or owner of the asset which couldpotentially result in the source attempting to manipulate the price datato their advantage. The price data engine 1100 then distributes therequests with directions to the various authorized sources (see step1118). The authorized sources will generate the requested price data(see step 1119), and the price data engine 1100 will then receive pricedata back from the authorized sources (see step 1120). Afterwards, theprice data is entered into the database 1108 (see steps 1104,1110).Again consistent with the operations discussed above, price data on anasset is recorded with time and/or date stamping in order to create aprice history record for the asset(s).

With either the manual system or the automated system, the price sourcecan input prices into the system either manually (through an inputscreen) or electronically (automatically-machine to machine).

FIGS. 12 and 12A-12F illustrate the software implementation of theoperation of the PME system 1101. FIG. 12 illustrates the home page ofthe PME module which would be the interface through which the user wouldaccess the various functional modules of the present invention. The PMEmodule or system 1101 incorporates functionalities such as Report as inFIG. 12A, Activity as in FIG. 12B, Accounts as in FIG. 12C, Maintenanceas in FIG. 12D, Help as in FIG. 12E and Logoff as in FIG. 12F. Otherfunctionalities represented in FIG. 12 embody software operations thatare otherwise conventionally known and implementable by those of skillin the art.

FIG. 12A represents the functionality of generating and outputting, suchas by hardcopy print or display on a monitor, various reports that wouldbe useful and desirable in the monitoring and transacting of variousassets, and of being able to select and page through the various typesof reports. Otherwise, the operation of the report functionality isotherwise conventionally known and implementable by those of skill inthe art.

FIG. 12B represents the functionality of conducting various useractivities, including but not limited to those functionalities describedabove in connection with the software implementation of the variousfeatures of the present invention. Otherwise, the operation of the PMEactivity functionality is otherwise conventionally known andimplementable by those of skill in the art.

FIGS. 12C illustrate PME functions represent conventionalfunctionalities necessary for the software implementation of the presentinvention, but which would be know to those of skill in the art forpurposes of implementation, and are not being discussed in detail unlessotherwise necessary.

Hereinbelow is a callout listing of items referenced in all thedrawings, including items not otherwise explained above:

100 Point of entry to system home page.

-   -   100-1 Point of entry to Analytic Module home page providing        secure, password based login and authentication process allowing        access to authorized modules; and a registration process for the        service.    -   301 Registration form to apply for access to service. Form        submitted for off-line approval and contracting process.    -   302 Upon denial of approval an e-mail message with reason for        denial sent to applicant.    -   303 Upon successful completion of approval and contracting        process e-mail sent to applicant with approval and temporary        UserID and Password.    -   304 On submission of a UserID and Password the information is        verified. If verified, user is presented with Menu screen. If        not verified user is returned to Login screen.    -   305 In all function of the Analytic Module the system forces        relationship agreement between Master Variables and Component        Variables before the user can proceed to other functions.    -   3A-1 Tools include: Tables for selecting model and setting        weightings of Model Factors, Table for selecting assets to be        included in model, plus tables for selecting and setting        weightings of: Valuation Variables, Financial Variables, “±VAR”        Risk Evaluations, and Q-Factors.    -   3A-2 List of default and user's saved models.    -   3A-3 Reset Form resets current form's values to Model's default        settings.    -   3B-1 User can select one or many assets to include in the model.    -   3B-2 Present a list of asset short names and descriptions.    -   3C-1 Number of variables to be selected is dependant on Model        selected.    -   3C-2 User can modify any percentage by clicking on it, which        presents a fill-in box. If the percentage being modified is a        component of a master variable the system color codes the Master        Variable Red or Green indicating whether the sum of the        component variables equal the Master Variable's percentage. The        system also restricts (by presenting an error message) the user        from continuing to other functions until the relationship is in        agreement.    -   100-2 Point of entry to the Trading Module home page providing        secure, password based login and authentication process allowing        access to authorized modules; and a registration process for the        service.    -   401 Menu screen displays the functions allowing direct access to        the desired function.    -   402 The Bid/Offer Discovery Tool provides functions to discover        deal(s) of interest and place bids and offerings on those deals.    -   403 My Bids/Offerings provides functions for the user's active        bids and offerings.    -   404 Mkt (Market) Bids/Offerings provides functions for all        market bids/offers currently active.    -   405 Deal Directory provides functions for all deals in the        product category.    -   406 Search function provides multiple parameters and input        fields to target deals of interest.    -   407 Administration function allows the Subscriber Administrator        to establish Subscriber Preferences and create a framework for        system security and provides user utilities.    -   4A-1 The Bid/Offer Discovery Tool initial display is of all        market bids/offers currently active in the right pane with the        left pane empty.

The Bid/Offer Discovery Tool provides several options beginning with“Load a Watch List” and “Place a Bid/Offer.”

-   -   4A-2 The left pane provides the function to load, and view a        Watch List via Next and Previous buttons.    -   4A-3 The right pane initially provides an alphabetical list of        all currently active market bids/offers or with a Watch List        loaded and a deal selected the current “Market Depth” for the        selected deal.    -   4A-4 Load Watch List function allows the user to load a        previously saved Watch List. The function returns a pop-up        window with user's saved Watch Lists for the user to select and        load one.    -   4A-5 When loaded the Watch List populates the left pane. The        user can now click a deal name (or component of a deal) and the        right pane is re-populated with the current “Market Depth” for        that deal. Right clicking a deal name presents a new window        containing Deal Summary Information.    -   4A-6 When the user selects a deal in the Watch List, the        currently active market bids/offers for the selected deal        populate the right pane. These bids/offers are color coded to        show three relationships: 1) User's Active Issues, 2)        bids/offers by another party in your organization, and 3)        bids/offers from counterparty that does not comply with user's        Inclusion or Exclusion List. Additional, for bids/offers by        another party in user's organization the user can mouse-over the        bid or offer and a pop-up window appears with that party's name,        location and phone number.    -   4A-7 Post Bid/Offer provides a pop-up window pre-populated with        the selected deal name (and deal component name) with fields for        quantity and amount to place a bid or offer.    -   4A-8 Left pane “Previous” button to view previous page of a        Watch List.    -   4A-9 Left pane “Next” button to view next page of a Watch List.    -   4A-10 If the current Bid/Offering is not the users, the Place        Bid/Offer pop-up window appears providing functions to place a        bid or offer.    -   4A-11 If the current Bid/Offering is the users, the Modify        Bid/Offer pop-up window appears providing functions to withdraw,        modify the bid or offering.    -   4A-12 System evaluates whether a transaction exceeds the        subscriber administrator's trade limit or day limit.    -   4A-13 If the transaction does exceed transaction limit the        “Bid/Offer ID” must be entered.    -   4A-14 If the “Bid/Offer ID” is verified the transaction is        processed.    -   4B-1 The right pane is populated with an alphabetical list of        the user's current bids and offerings.    -   4C-1 The right pane is populated with an alphabetical list of        all currently bids and offerings.    -   4D-1 Function presents an alphabetical list of all deals.    -   4D-2 Each deal has a Radio Button before the deal name to select        the deals of interest.    -   4D-3 Each deal that has components has a “±” button following        the deal name to expand the screen showing the components or        collapse the screen hiding the components.    -   4D-4 Right Clicking a deal name presents a pop-up window        presenting Deal Summary Information.    -   4D-5 With deal of interest selected the user can Save the        selection for later review.    -   4D-6 If user clicks “Save” a pop-up window with the user's Watch        Lists is presented.    -   4D-7 User can select an existing Watch List and click “Save” or        click “Save” without selecting a Watch List. If the user does        not select an existing Watch List, the user is prompted to name        the new Watch List and click “Save” creating a new Watch List.    -   4D-8 If the user selects an existing Watch List, the user is        asked for verification to add the selected deals to the selected        Watch List.    -   4E-1 Search can be enabled by pre-determined parameters        characteristic of the asset category. User can select any one or        many of the parameters and/or combine predetermined parameters        with user-definable parameters.    -   4E-2 Search can be enabled by user-determinable parameters        characteristic of the asset category. User can select any one or        many of the parameters and/or combine user definable parameters        with pre-determined parameters.    -   4E-3 Pre-determined parameters, characteristic of the asset        category, can refine a search by one to four degrees of        refinement. Such as: 1) geographical location, 2) type of        deal, 3) structure of deal, 4) currency of deal.    -   4E-4 User-definable parameters, characteristic of the asset        category, are in three forms: free text, Boolean and lists.        Boolean operators and list data are available in pull-down        selection boxes.    -   4E-5 Search results populate “Deal Directory” screen with Deals        of Interest with Radio Buttons selected facilitating ease of the        Save function.    -   412 User Administration presents function for the subscriber        administrator to manage Subscriber Entity users.    -   413 Subscriber Preferences presents functions for the subscriber        administrator to manage Subscriber Entity preference settings.    -   414 User Authentication presents functions for the subscriber        administrator to manage Subscriber Entity user use        authorizations.    -   415 User Buy/Sell Preferences presents utility for the user to        establish buy and sell parameters that when they are met the        user is notified.    -   416 User Notification Preferences present utility for the user        to choose the mode of notification for pre-determined events        characteristic to the asset category.    -   4F1-1 Subscriber Administrator Login is necessary to access        these functions.    -   4F1-2 Subscriber Administrator enters User Name, UserID and        User's IP Address, and assigns the user to classifications of        users.    -   4F2-1 Subscriber Administrator Login is necessary to access        these functions.    -   4F2-2 Subscriber Administrator establishes how long Session Logs        are to be maintained online: 1, 2 or 3 years and if desired.    -   4F2-3 Subscriber Administrator fill in Minutes entity wants        before a Time Out.    -   4F2-4 Subscriber Administrator can enter entities to be excluded        from dealing with Subscriber Administrator's Entity.    -   4F3-1 Subscriber Administrator Login is necessary to access        these functions.    -   4F3-2 Subscriber Administrator establishes user level of        authorization for each user.    -   4F3-3 Subscriber Administrator sets User's “Trade Limit” needing        “Bid/OfferID” authorization and “Day Trade Limit”.    -   4F4-1 User Utility for user to manage Buy and Sell preferences,        if desired.    -   4F5-1 User Utility for user to manage Notifications and Mode of        Notifications.    -   500 Notification Function automatically sends an e-mail        notification and another notification via user's notification        preferences on a Bid/Offer Match of quantity and price to both        counterparties. The message contains deal information, such as,        deal name, quantity, price, transaction date/time, counterparty        name, counterparty entity and a link to confirm acceptance of        the transaction.    -   600-1 If acceptance is not received from both counterparties by        end of next business day after date of Notification, the system        send email counterparties indicating failure of transaction        acceptance.    -   600-2 If acceptance is received from both counterparties, system        sends e-mail Acceptance Confirmation to both counterparties.        This acceptance includes: counterparties' entity, name, address,        contact information, deal name, quantity, price, and transaction        date/time.    -   700 End of Day Function creates a report and e-mails it to each        user active that day. Report includes all actions taken by the        user that day, such as, bids, offers, modification, withdrawals,        matched transactions, and accepted transactions.    -   800-1 On Login Failure Subscriber Administrator must reactivate        the user's account by initiating system to reset the user's        account by issuing a temporary password.    -   800-2 On next login user must change temporary password to new        password.    -   800-3 On successful login User Privileges are assigned.    -   800-4 Next a Session Certificate Cookie is issued.    -   800-5 Next a Session Log is opened.    -   800-6 Next system checks for a “Last State” file. If one exists        the system offers the user the “Last State” or a Fresh Session        and access is given.    -   800-7 “Forgot Password?” provides function for user to gain        access to system when password has been forgotten.    -   800-8 System issues Temporary Password and e-mails it to user's        e-mail.    -   900-1 On Logoff Session Log is saved.    -   900-2 Session Log is saved to Session Archive.    -   900-3 On Logoff Session Certificate Cookie is canceled.    -   900-4 On Logoff “Last State” is saved.    -   1000 Auction Module Home Page—entry point for an English style        auction.    -   1000-1 Submission Form for user to submit product for auction.        Form contains necessary deal information for analyst review.    -   1000-2 Submission Form has ability to attach text files, such        as, a) Deal File containing the legal description and details of        the product, b) Guidelines File containing any guidelines        surrounding the potential transaction, c) P&S Agreement        (Purchase and Sale Agreement) to execute the transaction.    -   1000-3 Bidder's Auction Screen displaying all bids in highest        bid to lowest bid order with the high bid and the user's bid        color highlighted.    -   1000-4 Seller's Auction Screen displaying all bids in highest        bid to lowest bid order with the high bid color highlighted. The        seller can configure the view to show or hide identity of        bidders.    -   1000-5 At End of Auction Seller is presented with a screen        displaying all bids with the highest bid of each bidder marked        with a “Radio Button” next to the bid. The Seller can choose to        transact the deal with any bidder at their highest bid.    -   120-3 Point of entry to the Portfolio Management Engine (PME)        Module home page providing secure, password based login and        authentication process allowing access to authorized modules;        and a registration process for the service.    -   1201 Dashboard displaying snapshot and asset allocation, plus        buttons for all functions.    -   1202 Report Function    -   1203 Activity Function    -   1204 Accounts Function    -   1205 Maintenance Function    -   1206 Help Function    -   12A-1 Saves choices and parameters for reports as User Default.    -   12A-2 Resets report choices and parameter setting to User's        Default or system default, if user default has not [[be]] been        established.    -   12A-3 Ability to choose and set format for reports.    -   12A-4 Ability to select accounts to be included in reports.    -   12A-5 Ability to select Benchmarks to be used in reports.    -   12A-6 Ability to set Target Allocations to be used in reports.    -   12A-7 Get Reports produces the first selected report in the        report list.    -   12A-8 Print Current Report.    -   12A-9 Print All Reports.    -   12A-10 Print PDF of all reports.    -   12A-11 Download all report data to Excel format.    -   12A-12 Previous Report moves to previous report.    -   12A-13 Next Report moves to next report.    -   12B-1 Function to enter a transaction via a Transaction Form.    -   12B-2 Function to display transaction for an account.    -   12B-3 Clear function to clear Transactions Form.    -   12B-4 Function to record another transaction for the prior        entry.    -   12B-5 Function to record a transaction input into the        Transaction Form.    -   12B-6 Function to choose a transaction form for Stocks & Mutual        Funds.    -   12B-7 Function to choose a transaction form for Options.    -   12B-8 Function to choose a transaction form for Fixed Income.    -   12B-9 Function to choose a transaction form for CDs.    -   12B-10 Function to choose a transaction form for Other Assets.    -   12B-11 Function to choose a transaction form for Cash.    -   12B-12 Function to calculate interest on a Fixed Income product.    -   12B-13 Function to update CD.    -   12B-14 Function to Lookup Symbol.    -   12B-15 Function to Edit Cost Basis.    -   12B-16 Function to Delete an Activity.    -   12B-17 Cancel function to abort deletion of an activity.    -   12B-18 Confirmation to delete marked activities.    -   12B-20 Search for a transaction.    -   12B-21 Transfer a Position to another account.    -   12B-22 Review Transfer Entries.    -   12B-23 Clear function to clear Transfer Form.    -   12B-24 Confirmation to transfer marked positions.    -   12B-26 Get Positions transferred between accounts.    -   12B-27 Enter Starting Positions.    -   12C-1 Subscriber Administrator can create a New Account.    -   12C-2 Subscriber Administrator can Delete an Account.    -   12C-3 Subscriber Administrator can Modify an Account.    -   12D-1 Subscriber Administrator can Edit a User Account.

Although the present invention has been fully described in connectionwith the preferred embodiment thereof with reference to the accompanyingdrawings, it is to be noted that various changes and modifications willbe apparent to those skilled in the art. Such changes and modificationsare to be understood as included within the scope of the presentinvention as defined by the appended claims, unless they departtherefrom.

1. A system for monitoring and transacting exempt securities via aglobal information network, comprising: an asset analytic softwaremodule for statistically analyzing at least one asset; an asset traksoftware module for collecting at least one of price and marketing dataon the at least one asset being analyzed; and an asset access softwaremodule for providing transactional access to conduct at least one ofbidding to buy, offering to sell and auctioning transactions inconnection with the at least one asset being analyzed.
 2. A systemaccording to claim 1, wherein the asset analytic software moduleincludes a data modeling structure in which quantitative and qualitativefactors are inputted to generate a weighted sum average representativeof the at least one asset being analyzed.
 3. A system according to claim2, wherein the quantitative factors include at least one of financialdata from a known financial information source and valuation data from aknown valuation information source.
 4. A system according to claim 1,wherein the asset trak software includes a database for storing at leastone of the price data and the marketing data on the at least one assetbeing analyzed.
 5. A system according to claim 1, wherein the assetaccess software includes a notification function to notify a user inconnection with a matching offer to sell, bid to buy or auction high bidin response to at least one of the bid to buy, offer to sell and auctiontransactions from the user.